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Millennium Management Dominates Bitcoin ETF Landscape with $2 Billion Investment

6M ago
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ETF

The post Millennium Management Dominates Bitcoin ETF Landscape with $2 Billion Investment appeared first on Coinpedia Fintech News

Millennium Management LLC enjoys unparalleled dominance in the Bitcoin ETF market. With up to $2 billion dispersed across multiple portfolios, letā€™s examine Millenniumā€™s methodology to understand how it has managed to accumulate such a significant holding of Bitcoin ETFs.

Millenniumā€™s Strategic Investments in Bitcoin ETFs

Under the leadership of billionaire Izzy Englander, Millennium Management has set a new standard for institutional investment in Bitcoin ETFs.Ā 

As of March 31, 2024, Millennium has invested approximately $2 billion across multiple Bitcoin-related ETFs, including prominent stakes in BlackRockā€™s iShares Bitcoin Trust and Fidelityā€™s Wise Origin Bitcoin Fund. Out of these, the largest holdings include $844 million in BlackRockā€™s iShares Bitcoin Trust, over $800 million in the Fidelity Wise Origin Bitcoin Fund, and $202 million in Grayscaleā€™s Bitcoin Trust.Ā 

Millennium has also made significant investments in the ARK/21Shares Bitcoin ETF and Bitwiseā€™s Bitcoin ETF.

Eric Balchunas, a senior ETF analyst for Bloomberg, highlighted the scale of Millenniumā€™s involvement on X, stating, ā€œMillennium is king of the bitcoin ETF holders w/ about $2b across four ETFs. This is out of over 500 holders (about 200x the avg for new ETF). Majority are inv advisors (60%) but a big dose of HFs (25%).ā€

Industry Perspective

According to Morningstar Direct, institutional investorsā€™ adoption of Bitcoin ETFs has dramatically increased since January, currently amounting to around $29 billion.Ā 

While Millennium has taken the lead with its hefty $2 billion investment, Bracebridge Capital and the State of Wisconsinā€™s investment board have also made notable investments into this space.

Conversely, Elliott Capital and Apollo Management Holdings have disclosed smaller investments in various Bitcoin ETFs, with stakes amounting to nearly $12 million and $53.2 million, respectively.

Impact on Bitcoinā€™s Market Dynamics

One of the key factors contributing to Bitcoinā€™s significant surge this year is institutional investorsā€™ massive influx into Bitcoin ETFs.Ā 

Matt Hougan, Bitwiseā€™s Chief Investment Officer, noted on X, ā€œBy the time all the filings are processed, they will show that as many as 700 institutions own $5 billion or more in the new ETFs,ā€ expressing optimism about the growth of the Bitcoin ETF industry.

Millennium has adopted an aggressive strategy by diversifying its investments across multiple ETFs. As a result, it will enhance its exposure to potential gains and mitigate risks.Ā 

6M ago
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